Sutlej Industries Backs Out Of Greenfield Expansion Plan

Corporate Update

Sutlej Industries Backs Out Of Greenfield Expansion Plan

“The current business environment continues to be challenging and in light of prevailing market conditions, including significant fluctuations in global and domestic demand and supply dynamics, exacerbated by geopolitical tensions and general economic uncertainties, it has been decided not to go ahead with the implementation of the proposed greenfield expansion project,” Sutlej Textiles and Industries announced in its recent stock exchange filing.

The company, in 2022, had announced a greenfield project of 89,185 spindles comprising of cotton melange yarn and PC grey yarn along with dye house at J&K. The project was to come up with an estimated investment of Rs 914 crore.

The company also stated that the spinning industry has been witnessing subdued demand since last 5-6 quarters in domestic as well as in export market.